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Home > Smart Spending > Archives > 2008 > October > 13
Monday, October 13, 2008
It’s In The Cards: Use Plastic Wisely
The Atlanta Journal-Constitution
Remember the classic cinematic scene in “The Graduate?” A fellow tells the Dustin Hoffman character, “I want to say one word to you. Just one word… Plastics.”
Well, I’d like to say a few words about plastic — the much-maligned credit card. A recent article urged consumers not to carry plastic because it creates debt and late fees.
That may be sound advice for some, but not for smart shoppers. With us, the card is providing an interest-free loan. We purchase an item, then don’t pay for it until weeks later.
Is this how you use your card? Or are you inclined to not taking care of the tab in full before fees kick in? (If so, here’s five tips on reducing your card debt.)
Last month, my son’s tuition payment of $6,800 was due. I applied it to my card and was able to wait a month to pay it off. That’s a month’s worth of interest I earned on the amount while it sat in my account.
Better yet, after I accumulate points for credit card spending, I convert them for cash. This year, I anticipate $500 getting kicked back to me.
Does your credit card offer a cash-back deal?
All it takes to benefit from a credit card is a little discipline. Pay the total on the date due, not before. Fringe benefit: No worries about stuffing your wallet or purse with cash.
Where have you gone, Mrs. Robinson?
Why, of course, you’re off to the mall, with your credit card in hand.
Learn more ways to survive during this economic downtown at Your Money
